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PIG TODAY-29.08.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

FXPIG-TECH_TARDETS_TRADING

EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160.

We shifted to a neutral stance last Friday and expected EUR to trade sideways within a 1.1190/1.1370 range. EUR rose to a high of 1.1340 before dropping sharply to end near the low at 1.1195. The short-term risk is clearly on the downside but we prefer to see a clear break of 1.1160 before shifting to a bearish stance. The odds for such a move appear to be quite high unless EUR can move and stay above 1.1240 within these 1 to 2 days.

GBP/USD: Bullish: Increasing risk of a short-term top.

The sharp drop last Friday clearly does bode well for our current bullish view on GBP. The risk of a short-term top has increased considerably but only a break below 1.3100 would indicate that the bullish phase has ended. This appears to be a likely scenario unless GBP can recover above 1.3210 from here.

AUD/USD: Shift from neutral to bearish: Immediate target of 0.7485.*

AUD not only broke below the strong 0.7560 support but closed below this level last Friday. This suggests further downward pressure in AUD and the current weakness is expected to extend further to 0.7485. In order to maintain the current momentum, a move back above 0.7630 is enough to indicate that our bearish expectation is wrong.

NZD/USD: Shift from neutral to bearish: Target a break below 0.7170.*

NZD surged to 0.7380 last Friday (fresh year’s high) before reversing abruptly and closed sharply lower at 0.7235. The bearish reversal day is enough to convince us that we have seen a top. From here, the immediate target is at 0.7170. Strong resistance is at 0.7260 but only a move 0.7310 would indicate that our bearish view is wrong.

USD/JPY: Shift from neutral to bullish: Upside likely limited to 102.80.*

We shifted to a neutral stance last Friday and did not expect the subsequent strong rally that easily took out successive major resistances. The outlook for USD has shifted to bullish but it seems that we may have seen a chunk of the up-move and from here, the upside potential appears to be limited to 102.80 (minor peak seen earlier this month). In order to maintain the current bullish momentum, any pull-back should not move back below 101.00.

Source: www.efxnews.com

FXPIG-TECH_TARDETS_TRADING

EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160.

We shifted to a neutral stance last Friday and expected EUR to trade sideways within a 1.1190/1.1370 range. EUR rose to a high of 1.1340 before dropping sharply to end near the low at 1.1195. The short-term risk is clearly on the downside but we prefer to see a clear break of 1.1160 before shifting to a bearish stance. The odds for such a move appear to be quite high unless EUR can move and stay above 1.1240 within these 1 to 2 days.

GBP/USD: Bullish: Increasing risk of a short-term top.

The sharp drop last Friday clearly does bode well for our current bullish view on GBP. The risk of a short-term top has increased considerably but only a break below 1.3100 would indicate that the bullish phase has ended. This appears to be a likely scenario unless GBP can recover above 1.3210 from here.

AUD/USD: Shift from neutral to bearish: Immediate target of 0.7485.*

AUD not only broke below the strong 0.7560 support but closed below this level last Friday. This suggests further downward pressure in AUD and the current weakness is expected to extend further to 0.7485. In order to maintain the current momentum, a move back above 0.7630 is enough to indicate that our bearish expectation is wrong.

NZD/USD: Shift from neutral to bearish: Target a break below 0.7170.*

NZD surged to 0.7380 last Friday (fresh year’s high) before reversing abruptly and closed sharply lower at 0.7235. The bearish reversal day is enough to convince us that we have seen a top. From here, the immediate target is at 0.7170. Strong resistance is at 0.7260 but only a move 0.7310 would indicate that our bearish view is wrong.

USD/JPY: Shift from neutral to bullish: Upside likely limited to 102.80.*

We shifted to a neutral stance last Friday and did not expect the subsequent strong rally that easily took out successive major resistances. The outlook for USD has shifted to bullish but it seems that we may have seen a chunk of the up-move and from here, the upside potential appears to be limited to 102.80 (minor peak seen earlier this month). In order to maintain the current bullish momentum, any pull-back should not move back below 101.00.

Source: www.efxnews.com

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